Legal Question in Real Estate Law in Texas

Hi there,

I have a mortgage with a private investment company made up of individuals from a church I used to go to. The property and mortgage is in Texas. I have not missed a payment in the 7 years I have been with them. My questions are:

1. Can they suddenly insist on me paying an additional amount to them in escrow for property taxes even though it is not in the contract.

2. Do they need to be licensed or insured to take additional monies from me i.e. what happens if they don't pay my taxes at the end of the year?

3. I currently do not receive any monthly statements from them, am I entitled to receive monthly statements from them?

Thanks


Asked on 2/04/16, 12:45 pm

1 Answer from Attorneys

Joseph A. McDermott, III Attorney at Law

1. If it's not in the note or deed of trust, they cannot require it. However, such provisions are in most form deeds of trust so double check.

2. Not unless it says so in the note or deed of trust. If they failed to pay the taxes, you'd be able to offset against future note payments.

3. Not unless it says so in the note or deed of trust. You should be able to put together an amortization schedule showing yourself what is remaining on the debt using tools found online.

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Answered on 2/04/16, 2:09 pm


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